Berkshire Bank

Berkshire Bank
Company typePublic
IndustryBanking
FoundedFebruary 6, 1846; 178 years ago (1846-02-06) in Pittsfield, Massachusetts
Headquarters
Boston, Massachusetts
,
United States
Number of locations
83 branches
Key people
 Nitin J. Mhatre, CEO
Sean A. Gray, president and COO
Subhadeep Basu, CFO
RevenueIncrease US$469.24 million (2018)[1]
Increase US$133.41 million (2018)[1]
Increase US$105.77 million (2018)[1]
Total assetsIncrease US$12.212 billion (2018)[1]
Total equityIncrease US$1.553 billion (2018)[1]
Number of employees
1,917 (2018[1])
ParentBerkshire Hills Bancorp
DivisionsCommerce Bank & Trust Company
Websiteberkshirebank.com

Berkshire Bank is an American bank headquartered in Boston, Massachusetts. It is a subsidiary of Berkshire Hills Bancorp, a bank holding company. The bank operates 83 branches in New England, and New York, and is the third largest regional bank headquartered in Massachusetts.[2][3]

History

The bank was founded on February 6, 1846 as Berkshire County Savings Bank.[4]

In 1997, the bank acquired Great Barrington Savings Bank and changed its name to Berkshire Bank.[5] In 1998, James A. Cunningham Jr. was named president and chief executive officer of the bank.[5]

The bank acquired Woronoco Savings Bank in 2005, Factory Point National Bank in 2007,[6] Rome Savings Bank in April 2011,[7] Legacy Banks in July 2011,[8] Connecticut Bank & Trust Company in April 2012,[9] Beacon Federal Bank in October 2012,[10] Hampden Bank in April 2015,[11] First Choice Bank in December 2016,[12] Commerce Bank & Trust Company in October 2017,[13] and SI Financial Group in 2019.[2]

In November 2017, the bank signed a lease for a new headquarters at 60 State Street in Government Center, Boston.[14]

Michael Daly announced his resignation as president and CEO of Berkshire Hills Bancorp on November 26, 2018. Richard Marotta became president and CEO thereafter.[15]

Richard Marotta resigned as CEO of Berkshire Hills Bancorp on August 10, 2020. President Sean Gray was named acting CEO of the company.

On January 25, 2021, the board of directors announced that Nitin J. Mhatre had been appointed CEO, effective January 29, 2021. It was also announced that Sean Gray, who had been serving as acting CEO, would continue to serve as president and COO of the bank.[16]

References

  1. ^ a b c d e f "Berkshire Hills Bancorp 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ a b "Berkshire Hills Completes SI Financial Group, Inc. Acquisition" (Press release). PRNewswire. May 17, 2019. Retrieved August 25, 2019.
  3. ^ Murtishi, Alban (October 17, 2017). "Berkshire Bank completes acquisition of 16 Commerce Bank branches in Worcester and Boston area". Masslive.com. Retrieved October 18, 2017.
  4. ^ "FDIC Bank Info: Berkshire Bank (FDIC # 23621)". Federal Deposit Insurance Corporation.
  5. ^ a b Lane, Bill (July 13, 1998). "Former teller appointed CEO of Berkshire Bank". American City Business Journals.
  6. ^ "Berkshire Hills Bancorp Completes Acquisition of Factory Point Bancorp" (Press release). September 21, 2007.
  7. ^ "Berkshire Hills Completes Acquisition of Rome Bancorp and Reports Final Merger Consideration" (Press release). PRNewswire. April 1, 2011.
  8. ^ "Berkshire Hills Completes Legacy Acquisition" (Press release). PRNewswire. July 21, 2011.
  9. ^ "Berkshire Hills Completes Acquisition Of CBT" (Press release). PRNewswire. April 20, 2012.
  10. ^ "Berkshire Hills Completes Beacon Acquisition" (Press release). PRNewswire. October 19, 2012.
  11. ^ "Berkshire Hills Completes Hampden Bancorp Acquisition" (Press release). PRNewswire. April 17, 2015.
  12. ^ "Berkshire Hills Completes First Choice Bank Acquisition" (Press release). PRNewswire. December 5, 2016.
  13. ^ "Berkshire Hills Completes Commerce Bancshares Corp. Acquisition" (Press release). PRNewswire. October 16, 2017.
  14. ^ Sperance, Cameron (November 2, 2017). "Berkshire Bank's Boston HQ Move Confirmed". Bisnow Media.
  15. ^ Ryan, Greg (2019-11-28). "Analyst: Berkshire Bank employees complained of 'toxic' environment in letter". Boston Business Journal.
  16. ^ "Berkshire Hills Bancorp, Inc. Names Nitin Mhatre Chief Executive Officer". ir.berkshirebank.com. Retrieved 2021-02-08.
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